Broker Julius Baer has downgraded its rating on Thai Airways to 'hold' from 'buy', citing the airline’s recent share price rally. The carrier’s shares have gained around 20% over the past month, on the improving outlook for visitor arrivals to Thailand.

Thai Airways President Piyasvasti Amranand stated last week that passenger revenue has “improved to a satisfactory rate”, increasing by 10% year-on-year since the end of Jun-2010. He added load factors in the first nine days of Jul-2010 increased to 72% and advanced bookings for the rest of July “look quite good”.